Plentipotential Posted June 7, 2021 Share Any banks offering better than RSA Retail Bonds 2 year 6%? Link to comment Share on other sites More sharing options...
River Rat Posted June 10, 2021 Share African Bank 7.25% Discovery 6.6% with Capitec just behind at 5.98%. Link to comment Share on other sites More sharing options...
River Rat Posted June 10, 2021 Share https://www.rateweb.co.za/money-advise/best-fixed-deposit-rates-in-south-africa/ bertusras and Plentipotential 1 1 Link to comment Share on other sites More sharing options...
Plentipotential Posted June 10, 2021 Share ???? Thanks. Link to comment Share on other sites More sharing options...
MTBeer Posted June 10, 2021 Share sort of the same topic. Best interest rate for a tax free savings account? For my 16 year old daughter - she is earning money from tutoring and wants to save it, so will be an initial lump sum and then varying monthly amounts. Link to comment Share on other sites More sharing options...
bertusras Posted June 10, 2021 Share 20 minutes ago, MTBeer said: sort of the same topic. Best interest rate for a tax free savings account? For my 16 year old daughter - she is earning money from tutoring and wants to save it, so will be an initial lump sum and then varying monthly amounts. What is the purpose of the tax-free account? Keep in mind that any withdrawals cannot be 're-made' like a normal savings account. i.e. If you've reached your R36K/year cap, and withdraw R6K, you can't put it back at a later stage in the same financial year without incurring penalties. If it's for long-term investment look at Sygnia who offer a 0% fee TFSA. Link to comment Share on other sites More sharing options...
MTBeer Posted June 10, 2021 Share 24 minutes ago, bertusras said: What is the purpose of the tax-free account? Keep in mind that any withdrawals cannot be 're-made' like a normal savings account. i.e. If you've reached your R36K/year cap, and withdraw R6K, you can't put it back at a later stage in the same financial year without incurring penalties. If it's for long-term investment look at Sygnia who offer a 0% fee TFSA. she's earning a couple of hundred R's a month for tutoring. Definitely not going to hit R36k a year. Link to comment Share on other sites More sharing options...
Chris_ Posted June 10, 2021 Share 8 minutes ago, MTBeer said: she's earning a couple of hundred R's a month for tutoring. Definitely not going to hit R36k a year. What about unit trusts or shares or something like that? She doesn't really need the 'safety' of interest rate accounts, and can maybe afford to take a chance on the markets, longer term. I'm sure there are tax-free ETF accounts too if you still want to go that way. MTBeer 1 Link to comment Share on other sites More sharing options...
MTBeer Posted June 10, 2021 Share yes have thought of that. Not sure what the minimum monthly contribution is on a ETF though Link to comment Share on other sites More sharing options...
bertusras Posted June 10, 2021 Share But again, what is the purpose of her savings? Is she saving to go on holiday at the end of the year? Is she saving because she wants to buy a new car in two years? Is she saving for varsity? What you want to do with the money, and when you will need it is a key factor in determining the investment vehicle. He's some help from Allan Gray, where you can invest from as little as R500/month: Edited June 10, 2021 by bertusras MTBeer 1 Link to comment Share on other sites More sharing options...
River Rat Posted June 10, 2021 Share 7 hours ago, MTBeer said: she's earning a couple of hundred R's a month for tutoring. Definitely not going to hit R36k a year. Why go through the complexity and rigidity of an interest bearing Tax free savings account when the first R22k of interest earned is exempt from tax? If she's looking for an equity type investment there are plenty of these with R250 minimum monthly investment limits. bertusras and MTBeer 1 1 Link to comment Share on other sites More sharing options...
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